ON THE EFCC VS NIGERIAN TOP BANK EXECUTIVES’ ASSETS DECLARATION BROUHAHA - NIGERIAN BANKS REMAINS THE BIGGEST SUPPORTER AND ENCOURAGER OF CORRUPTION IN NIGERIA
June 22, 2021 | News
I have always reiterated the fact that Nigerian Commercial Banks are the number one encourager and supporter of the increasing levels of corruption in the country.
-By Zik Gbemre
ON THE EFCC VS NIGERIAN TOP BANK EXECUTIVES’ ASSETS DECLARATION BROUHAHA - NIGERIAN BANKS REMAINS THE BIGGEST SUPPORTER AND ENCOURAGER OF CORRUPTION IN NIGERIA
Nigerian Top Bank Executives are the ones encouraging the political leaders to steal and misappropriate public funds meant to better the lives of the Nigerian masses…
No public servant in Nigeria can naturally dip his hands to steal public funds without going through the banking system…
We can say that the Nigerian banking industry, which includes the Central Bank of Nigeria (CBN), are the worst enemies of the Nigerian economy…
There is urgent need for more searchlight to be beamed on Nigerian commercial banks’ activities in the fight against corruption. This inquest and fight should start from the CBN and down to all commercial banks…
I have always reiterated the fact that Nigerian Commercial Banks are the number one encourager and supporter of the increasing levels of corruption in the country. This is hinged on the fact that all the public money/wealth ever stolen, misappropriated and diverted to other selfish use by Nigerian Politicians/Public Office Holders, other than what was intended to benefit the Nigerian masses, were carried out and done through the ‘transactions’ engineered by one or more Nigerian Commercial Banks. This includes all the raw-cash in Naira and foreign currencies; usually starched-away/hidden in empty-water tanks, abandoned in caravans/apartments/stores, septic tanks/suck-away pits, underground, and those mint currencies often hawked and sprayed in social gatherings, as well as foreign currencies hawked around hotels and airports, and even the ones used to bribe party delegates and electorates to vote in a certain direction during different stages of elections.
I have often asked where did they get the money from? Where did some Nigerian politicians get the sort of bulk cash, they use to carry out all of the above listed disturbing practices? Obviously not from the sky! They are gotten from Nigerian Commercial Banks. This is why I say that Nigerian bankers are the frontline architect of graft in the country. They are the ones that aid politicians to steal money. All the stealing of public funds and withdrawals of public funds are done through the bankers and not spirits.
Which is why I appreciate the fact that the Economic and Financial Crimes Commission (EFCC) has recently issued a final warning to over 120 Managing Directors and Top Executives of banks to submit their Asset Declaration forms before the given deadline or face jail term. The EFCC Chairman, Abdulrasheed Bawa, had initially in March 2021 given top bankers, among others, till June 1, 2021, to declare their assets in line with the Bank Employees, ETC (Declaration of Assets) Act 1986, with defaulters said to risk 10 years in jail if found guilty by any Federal High Court.
According to the EFCC boss: “This law has been in place for over 35 years, but it was hardly ever enforced and so these bankers would just declare anything or not declare at all. However, the EFCC is now demanding the declaration forms as part of moves to sanitize the system. To this effect, the Chairman has written a reminder to the banks, asking all top executives to comply latest by the end of June.” Findings showed that well over 120 Managing Directors, Deputy Managing Directors and Executive Directors of 19 deposit money banks are affected by the EFCC’s order. Reports noted that Access Bank has 16 Board members, United Bank of Africa (UBA) has 15, Sterling Bank and Eco Bank have 13 members each, while First Bank, Guaranty Trust Bank and Fidelity Bank have 12 members each as contained on their official websites. Others are Zenith Bank, 11; Wema Bank, 11; Union Bank 11; First City Monument Bank, 9; and Unity Bank, 8.
I would also ask that the EFCC should beam its searchlights on all the former and present bank CEOs and their top Officials/General Managers/Branch Managers/Business Managers as well to fish out those with suspicious wealth.
I remember few years ago, this issue with the corrupt tendencies of Nigerian Bankers, was reiterated in a shot viral video online by Babatunde Ogala, a former lawmaker of the Lagos State House of Assembly. In his words: “The institutions today that supports corruption in Nigeria are the Banks. I was a member of the House of Assembly. On the day after my election, just before my inauguration, Four Banks offered me loans of N100 million each. I looked at my Salary, which came to about N700,000 and something; how was I going to pay those loans over four years? They did not bother to ask.
“One of the Banks had given me credit card with a credit line of $20,000, and I had no account with them. One of the Banks have printed cheque books for me. Yes, just like that! So, easily, for a four-year tenure, of a Salary of N8.4million a year, multiplied by four is about N32million, I already have credit facility of about N400 million in access. How was I expected to pay back? THE BANKS ARE ONLY TELLING ME INDIRECTLY TO TAKE THE MONEY, FIND A WAY TO STEAL AND PAY BACK. So, the Banks, in my opinion, are the biggest industry of corruption in this country. Why do I say this? Nobody, no Political Office holder, no Civil Servant, NO PUBLIC SERVANT CAN NATURALLY DIP HIS HANDS TO STEAL PUBLIC FUNDS WITHOUT GOING THROUGH THE BANKING SYSTEM. No such cash. It is about Transfers; it is by Authorization. It is the Banks telling them to hide the funds…”
This is why we can bluntly say that Commercial Banks in Nigeria and their Chief Executive Officers (CEOs)/Managing Directors (MDs) and Executive Board Members, have become the agents of corruption in the country who aid, encourage, support and even teach corrupt Nigerian politicians how to loot and hide stolen/misappropriated public treasuries through their banks within and even outside Nigeria. The so-called Bank top Executives, General Managers, Area Managers, Business Managers, Branch Managers, etc., make so much money from these deals and channels and they have become billionaires like the Politicians since they get paid heavily/and they also get their cuts through such illegal deals in their banks. They are partners-in-crime with the State Governors, Ministers, Lawmakers, etc.
In fact, WE CAN SAY THAT THE NIGERIAN BANKING INDUSTRY, WHICH INCLUDES THE CENTRAL BANK OF NIGERIA (CBN), ARE THE “WORST ENEMIES OF THE NIGERIAN ECONOMY.” Take the issue of crispy Naira notes for instance often hawked in social gatherings and mostly used by Nigerian politicians. We find it rather appalling and a national shame that, crispy, freshly minted Naira currency notes, which are scarce in the banking halls are easily available at parties or any social gatherings to the delight of patrons, who bargain persistently and purchase at premium rates, especially politicians who get them reserved by Banks for their private usage. This Naira notes comedy would be amusing if it were not an offence under Section 21(4) of the Central Bank Act 2007, punishable with an imprisonment term of not less than six months, or a fine not less than N50,000 or both. The Central Bank of Nigeria (CBN) has put out several public notice every now and then that peddling and distribution of Naira currency notes is unlawful, but it appears the noise at these social gatherings have drowned out the advice, and their warnings are simply on paper and not enforced.
I do not only find these abnormal practices as very unprofessional and appalling, I also believe these Commercial Banks need to be checked by anti-graft agencies. Nigerian Banks are not interested on how and where you get the money, so long as they have the millions and billions (often stolen) deposited in their Banks, or used for one transaction or the other to boost their image in the banking industry. At the end of the day, we now have criminals/fraudster and all sort of corrupt elements opening several accounts and doing all kinds of e-transactions in different Banks across the country. We do not want to mention their sharp practices of extorting little amounts of money from every bank account in the name of one charge or the other. That is a topic for another day.
Nigerian Commercial Banks have made it possible for corrupt Nigerian politicians to carry raw cash at ease (both in Naira and other foreign currencies), which they use to try to manipulate their way through the country’s political landscape. In developed countries, you cannot have access to huge amounts of cash without raising eyebrows of Commercial Banks and anti-graft agencies. THERE IS URGENT NEED FOR MORE SEARCHLIGHT TO BE BEAMED ON NIGERIAN COMMERCIAL BANKS ACTIVITIES IN THE FIGHT AGAINST CORRUPTION. THIS INQUEST AND FIGHT SHOULD START FROM THE CBN AND DOWN TO ALL COMMERCIAL BANKS.
Zik Gbemre.
June 22, 2021
We Mobilize Others To Fight For Individual Causes As If Those Were Our Causes
-By Zik Gbemre
ON THE EFCC VS NIGERIAN TOP BANK EXECUTIVES’ ASSETS DECLARATION BROUHAHA - NIGERIAN BANKS REMAINS THE BIGGEST SUPPORTER AND ENCOURAGER OF CORRUPTION IN NIGERIA
Nigerian Top Bank Executives are the ones encouraging the political leaders to steal and misappropriate public funds meant to better the lives of the Nigerian masses…
No public servant in Nigeria can naturally dip his hands to steal public funds without going through the banking system…
We can say that the Nigerian banking industry, which includes the Central Bank of Nigeria (CBN), are the worst enemies of the Nigerian economy…
There is urgent need for more searchlight to be beamed on Nigerian commercial banks’ activities in the fight against corruption. This inquest and fight should start from the CBN and down to all commercial banks…
I have always reiterated the fact that Nigerian Commercial Banks are the number one encourager and supporter of the increasing levels of corruption in the country. This is hinged on the fact that all the public money/wealth ever stolen, misappropriated and diverted to other selfish use by Nigerian Politicians/Public Office Holders, other than what was intended to benefit the Nigerian masses, were carried out and done through the ‘transactions’ engineered by one or more Nigerian Commercial Banks. This includes all the raw-cash in Naira and foreign currencies; usually starched-away/hidden in empty-water tanks, abandoned in caravans/apartments/stores, septic tanks/suck-away pits, underground, and those mint currencies often hawked and sprayed in social gatherings, as well as foreign currencies hawked around hotels and airports, and even the ones used to bribe party delegates and electorates to vote in a certain direction during different stages of elections.
I have often asked where did they get the money from? Where did some Nigerian politicians get the sort of bulk cash, they use to carry out all of the above listed disturbing practices? Obviously not from the sky! They are gotten from Nigerian Commercial Banks. This is why I say that Nigerian bankers are the frontline architect of graft in the country. They are the ones that aid politicians to steal money. All the stealing of public funds and withdrawals of public funds are done through the bankers and not spirits.
Which is why I appreciate the fact that the Economic and Financial Crimes Commission (EFCC) has recently issued a final warning to over 120 Managing Directors and Top Executives of banks to submit their Asset Declaration forms before the given deadline or face jail term. The EFCC Chairman, Abdulrasheed Bawa, had initially in March 2021 given top bankers, among others, till June 1, 2021, to declare their assets in line with the Bank Employees, ETC (Declaration of Assets) Act 1986, with defaulters said to risk 10 years in jail if found guilty by any Federal High Court.
According to the EFCC boss: “This law has been in place for over 35 years, but it was hardly ever enforced and so these bankers would just declare anything or not declare at all. However, the EFCC is now demanding the declaration forms as part of moves to sanitize the system. To this effect, the Chairman has written a reminder to the banks, asking all top executives to comply latest by the end of June.” Findings showed that well over 120 Managing Directors, Deputy Managing Directors and Executive Directors of 19 deposit money banks are affected by the EFCC’s order. Reports noted that Access Bank has 16 Board members, United Bank of Africa (UBA) has 15, Sterling Bank and Eco Bank have 13 members each, while First Bank, Guaranty Trust Bank and Fidelity Bank have 12 members each as contained on their official websites. Others are Zenith Bank, 11; Wema Bank, 11; Union Bank 11; First City Monument Bank, 9; and Unity Bank, 8.
I would also ask that the EFCC should beam its searchlights on all the former and present bank CEOs and their top Officials/General Managers/Branch Managers/Business Managers as well to fish out those with suspicious wealth.
I remember few years ago, this issue with the corrupt tendencies of Nigerian Bankers, was reiterated in a shot viral video online by Babatunde Ogala, a former lawmaker of the Lagos State House of Assembly. In his words: “The institutions today that supports corruption in Nigeria are the Banks. I was a member of the House of Assembly. On the day after my election, just before my inauguration, Four Banks offered me loans of N100 million each. I looked at my Salary, which came to about N700,000 and something; how was I going to pay those loans over four years? They did not bother to ask.
“One of the Banks had given me credit card with a credit line of $20,000, and I had no account with them. One of the Banks have printed cheque books for me. Yes, just like that! So, easily, for a four-year tenure, of a Salary of N8.4million a year, multiplied by four is about N32million, I already have credit facility of about N400 million in access. How was I expected to pay back? THE BANKS ARE ONLY TELLING ME INDIRECTLY TO TAKE THE MONEY, FIND A WAY TO STEAL AND PAY BACK. So, the Banks, in my opinion, are the biggest industry of corruption in this country. Why do I say this? Nobody, no Political Office holder, no Civil Servant, NO PUBLIC SERVANT CAN NATURALLY DIP HIS HANDS TO STEAL PUBLIC FUNDS WITHOUT GOING THROUGH THE BANKING SYSTEM. No such cash. It is about Transfers; it is by Authorization. It is the Banks telling them to hide the funds…”
This is why we can bluntly say that Commercial Banks in Nigeria and their Chief Executive Officers (CEOs)/Managing Directors (MDs) and Executive Board Members, have become the agents of corruption in the country who aid, encourage, support and even teach corrupt Nigerian politicians how to loot and hide stolen/misappropriated public treasuries through their banks within and even outside Nigeria. The so-called Bank top Executives, General Managers, Area Managers, Business Managers, Branch Managers, etc., make so much money from these deals and channels and they have become billionaires like the Politicians since they get paid heavily/and they also get their cuts through such illegal deals in their banks. They are partners-in-crime with the State Governors, Ministers, Lawmakers, etc.
In fact, WE CAN SAY THAT THE NIGERIAN BANKING INDUSTRY, WHICH INCLUDES THE CENTRAL BANK OF NIGERIA (CBN), ARE THE “WORST ENEMIES OF THE NIGERIAN ECONOMY.” Take the issue of crispy Naira notes for instance often hawked in social gatherings and mostly used by Nigerian politicians. We find it rather appalling and a national shame that, crispy, freshly minted Naira currency notes, which are scarce in the banking halls are easily available at parties or any social gatherings to the delight of patrons, who bargain persistently and purchase at premium rates, especially politicians who get them reserved by Banks for their private usage. This Naira notes comedy would be amusing if it were not an offence under Section 21(4) of the Central Bank Act 2007, punishable with an imprisonment term of not less than six months, or a fine not less than N50,000 or both. The Central Bank of Nigeria (CBN) has put out several public notice every now and then that peddling and distribution of Naira currency notes is unlawful, but it appears the noise at these social gatherings have drowned out the advice, and their warnings are simply on paper and not enforced.
I do not only find these abnormal practices as very unprofessional and appalling, I also believe these Commercial Banks need to be checked by anti-graft agencies. Nigerian Banks are not interested on how and where you get the money, so long as they have the millions and billions (often stolen) deposited in their Banks, or used for one transaction or the other to boost their image in the banking industry. At the end of the day, we now have criminals/fraudster and all sort of corrupt elements opening several accounts and doing all kinds of e-transactions in different Banks across the country. We do not want to mention their sharp practices of extorting little amounts of money from every bank account in the name of one charge or the other. That is a topic for another day.
Nigerian Commercial Banks have made it possible for corrupt Nigerian politicians to carry raw cash at ease (both in Naira and other foreign currencies), which they use to try to manipulate their way through the country’s political landscape. In developed countries, you cannot have access to huge amounts of cash without raising eyebrows of Commercial Banks and anti-graft agencies. THERE IS URGENT NEED FOR MORE SEARCHLIGHT TO BE BEAMED ON NIGERIAN COMMERCIAL BANKS ACTIVITIES IN THE FIGHT AGAINST CORRUPTION. THIS INQUEST AND FIGHT SHOULD START FROM THE CBN AND DOWN TO ALL COMMERCIAL BANKS.
Zik Gbemre.
June 22, 2021
We Mobilize Others To Fight For Individual Causes As If Those Were Our Causes